The corruption cases databases are a product of the staff of the International Bank for Reconstruction and Development / The World Bank. It is intended for general information purposes only. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Neither the World Bank Group nor its officers or employees shall be liable for any losses that may result directly or indirectly from the use of or reliance upon such information.
Schnitzer Steel Industries, Inc. / Si Chan Wooh
Schnitzer Steel Industries, Inc.
Securities and Exchange Commission
China, South Korea
Consent to Permanent Injunction
Disgorgement of Bonuses, Prejudgment Interest, Civil Penalty
Bribery of Foreign Officials, Aiding and Abetting Schnitzer Steel Industries' Bribery of Foreign Officials; Aiding and Abetting Schnitzer Steel Industries' Internal Controls Violatons, Aiding and Abetting Schnitzer Steel Industries' Falsification of Books and Records
No admission or denial of alleged offenses
According to the US Securities and Exchange Commission Litigation Release, on June 29, 2007, the Commission "announced charges against a former executive of Portland, Oregon-based Schnitzer Steel Industries, Inc., for violating the anti-bribery provisions of the Foreign Corrupt Practices Act ("FCPA"). Without admitting or denying the allegations, Si Chan Wooh of Tacoma, Washington, the former Executive Vice President and head of a Schnitzer subsidiary, agreed to pay approximately $40,000 in disgorgement, interest and penalties. The Commission's complaint, filed in federal district court in Portland, Oregon, alleges that from at least 1999 through 2004, Wooh paid over $200,000 in cash bribes and other gifts to managers of government-owned steel mills in China to induce them to purchase scrap metal from Schnitzer. According to the Commission, Schnitzer realized over $6.2 million in profits from sales to customers procured through these illicit payments. The Complaint further alleges that during the same period, Wooh made or authorized similar payments totaling over $1.7 million to managers of privately owned steel mills in both China and South Korea." (Source: US Securities and Exchange Commission Litigation Release No. 20174 / June 29, 2007, SEC v. Si Chan Wooh, Case No. CV-07-957 ST. (D. Or. filed June 29, 2007), "SEC Settles Charges Against Former Portland Steel Executive for Anti-Bribery Statute Violations.")
US Report to the Organisation for Economic Co-operation and Development, "Steps taken to implement and enforce the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions," Information as of May 31, 2011, Schnitzer Steel Industries Inc. Case Summary at 88-90, accessed at http://www.oecd.org/dataoecd/18/8/42103833.pdf. US Securities and Exchange Commission Litigation Release No. 20174 / June 29, 2007, SEC v. Si Chan Wooh, Case No. CV-07-957 ST. (D. Or. filed June 29, 2007), "SEC Settles Charges Against Former Portland Steel Executive for Anti-Bribery Statute Violations," accessed at http://www.sec.gov/litigation/litreleases/2007/lr20174.htm; Complaint filed June 29, 2007, accessed at http://www.sec.gov/litigation/complaints/2007/comp20174.pdf
Please help us ensure that StAR Asset Recovery Watch is as accurate and comprehensive as possible by sending us updated information regarding the cases currently in StAR Asset Recovery Watch, as well as information about cases for future inclusion in the database.
To report any errors or updated case information, please contact email@example.com. Please include the name of your organization, the country in which you reside, and "StAR Asset Recovery Watch" in the subject line.